Standard&Poor's Ratings Services' ratings on Thomasville, Ga.-based Cleaver-Brooks Inc. reflect the company's position in a highly fragmented and competitive industry, as well as its highly leveraged financial risk profile resulting from the refinancing transactions in May 2010, which included a dividend to its sponsor. Somewhat offsetting these limitations is the company's leading position in the niche market for mid-to-large commercial and industrial boilers. It has a strong distribution network consisting of exclusive sales representatives and has a well-known brand name and reputation. Primarily based in the U.S., with about 80% domestic sales, Cleaver-Brooks is a sole manufacturer of integrated boiler, burner, and control solutions, and provides a full product offering. It has a large installed base of 60,000
